Interoperability protocol LayerZero’s native token (ZRO) surged Thursday on news that venture capital firm Andreessen Horowitz’s (a16z) crypto arm increased its investment in the project.
The company acquired additional $55 million ZRO tokens committing to a 3-year lock-up period, general partner Ali Yahya said in an X post. A16z has been an early backer of the protocol’s development firm LayerZero Labs, participating in the team’s $135 million series A fundraising round in 2022 and the following $120 million series B round in 2023.
STORY CONTINUES BELOW
Don’t miss another story.Subscribe to the Crypto for Advisors Newsletter today. See all newsletters svg]:max-w-[theme(spacing.8)] transition-transform-colors-opacity motion-reduce:transition-none text-default-foreground data-[hover=true]:opacity-hover w-full md:w-auto bg-new-yellow”>
Sign me up
By signing up, you
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!